XML 42 R32.htm IDEA: XBRL DOCUMENT v3.2.0.727

Fair Value (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value.

Summary of the carrying values and the estimated fair values of the Company's financial instruments

		June 30, 2015						December 31, 2014
					Estimated						Estimated
		Carrying Value			Fair Value			Carrying Value			Fair Value
Financial assets:
Loans and investments, net		$	1,468,566,061		$	1,506,763,960		$	1,459,475,650		$	1,478,778,674
Available-for-sale securities		823,050			823,050			2,499,709			2,499,709
Derivative financial instruments		14,807			14,807			1,995			1,995
Financial liabilities:
Credit and repurchase facilities		$	322,737,195		$	322,221,058		$	180,386,200		$	179,964,341
Collateralized loan obligations		500,250,000			500,535,000			458,250,000			459,673,750
Collateralized debt obligations		79,262,601			41,257,763			331,395,126			240,541,397
Senior unsecured notes		97,860,025			96,881,425			97,860,025			95,902,825
Junior subordinated notes		160,108,568			103,350,481			159,833,260			102,600,561
Notes payable		2,300,000			2,282,603			1,300,000			1,292,461
Mortgage note payable - real estate owned and held-for-sale		27,155,000			27,123,440			30,984,357			29,962,066
Derivative financial instruments		7,545,725			7,545,725			13,908,163			13,908,163

Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis

We measure certain financial assets and financial liabilities at fair value on a recurring basis.  The fair value of these financial assets and liabilities was determined using the following inputs as of June 30, 2015:

								Fair Value Measurements
		Carrying			Fair			Using Fair Value Hierarchy
		Value			Value			Level 1			Level 2			Level 3
Financial assets:
Available-for-sale securities		$	823,050		$	823,050		$	823,050		$	—		$	—
Derivative financial instruments		14,807			14,807			—			14,807			—
Financial liabilities:
Derivative financial instruments		$	7,545,725		$	7,545,725		$	—		$	7,545,725		$	—

Schedule of financial assets measured at fair value on a recurring basis using Level 3 inputs

The following roll forward table reconciles the beginning and ending balances of financial assets measured at fair value on a recurring basis using Level 3 inputs:

		Available-for-sale
		Securities
Balance as of December 31, 2014		$	2,000,000
Adjustment to fair value:
Change in fair value		100,000
Payoff of CMBS investment		(2,100,000		)
Balance as of June 30, 2015		$	—

Schedule of certain financial and non-financial assets measured at fair value on a nonrecurring basis

We measure certain financial and non-financial assets at fair value on a nonrecurring basis.  The fair value of these financial assets was determined using the following inputs as of June 30, 2015:

		Net									Fair Value Measurements
		Carrying			Fair						Using Fair Value Hierarchy
		Value			Value			Level 1			Level 2			Level 3
Financial assets:
Impaired loans, net (1)		$	106,822,384		$	106,822,384		$	—		$	—		$	106,822,384

(1) We had an allowance for loan losses of $117.6 million relating to 10 loans with an aggregate carrying value, before loan loss reserves, of approximately $224.4 million at June 30, 2015.

Schedule of quantitative information about Level 3 Fair Value Measurements on a recurring and non-recurring basis

		June 30, 2015
					Valuation		Significant Unobservable		Range
		Fair Value			Technique(s)		Inputs		(Weighted Average)
Financial assets:
Impaired loans (1):
Multi-family		$	2,349,965		Direct capitalization analysis and discounted cash flows		Discount rate Capitalization rate Revenue growth rate		8.00% 6.50% to 9.75% (7.30)% 2.00%
Office		6,540,754			Discounted cash flows		Discount rate Capitalization rate Revenue growth rate		10.00% to 11.25% (10.50)% 8.25% to 9.25% (9.01)% 2.50% to 3.00% (2.63)%
Land		67,142,777			Discounted cash flows		Discount rate Capitalization rate Revenue growth rate		15.00% 7.25% 3.00%
Hotel		30,788,888			Discounted cash flows		Discount rate Capitalization rate Revenue growth rate		9.25% 7.25% 3.00%

(1) Includes all impaired loans regardless of the period in which a loan loss provision was recorded.

Schedule of fair value of assets and liabilities

We measure certain assets and liabilities for which fair value is only disclosed.  The fair value of these assets and liabilities was determined using the following input levels as of June 30, 2015:

								Fair Value Measurements
		Carrying			Fair			Using Fair Value Hierarchy
		Value			Value			Level 1			Level 2			Level 3
Financial assets:
Loans and investments, net		$	1,468,566,061		$	1,506,763,960		$	—		$	—		$	1,506,763,960
Financial liabilities:
Credit facilities and repurchase agreements		$	322,737,195		$	322,221,058		$	—		$	—		$	322,221,058
Collateralized loan obligations		500,250,000			500,535,000			—			—			500,535,000
Collateralized debt obligation		79,262,601			41,257,763			—			—			41,257,763
Senior unsecured notes		97,860,025			96,881,425			96,881,425			—			—
Junior subordinated notes		160,108,568			103,350,481			—			—			103,350,481
Notes payable		2,300,000			2,282,603			—			—			2,282,603
Mortgage note payable — real estate owned		27,155,000			27,123,440			—			—			27,123,440

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (a,b,bb)



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 2C



-URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258



Reference 4: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 5



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (c)



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 825



-SubTopic 10



-Section 50



-Paragraph 12



-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (a)



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 825



-SubTopic 10



-Section 50



-Paragraph 11



-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611



Reference 4: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 825



-SubTopic 10



-Section 45



-Paragraph 2



-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610



Reference 5: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 825



-SubTopic 10



-Section 50



-Paragraph 30



-Subparagraph (a)



-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612



Reference 6: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 825



-SubTopic 10



-Section 50



-Paragraph 10



-Subparagraph (a)



-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 2



-Subparagraph (bbb)



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration